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SAO PAULO, May 7 (Reuters) - Cetip SA Mercados Organizados , Latin America's largest securities depositary and clearinghouse, beat first-quarter profit estimates on Thursday after expenses and taxes fell sharply.
Net income at the São Paulo-based firm totaled 120.8 million reais ($39.9 million) in the quarter, above the average estimate of 113 million reais in a Reuters poll. Earnings rose 2.7 percent and 20.8 percent on an annual and quarterly bases, Cetip said in a securities filing.
$1 = 3.0331 Brazilian reais Reporting by Guillermo Parra-Bernal and Aluísio Alves; Editing by Ken Wills